Legal Question in Bankruptcy in California

WE cosigned for my daughter on her condo about a little over a year and a half ago. She has married about 10 months after she bought the condo and now her husband is beign sued. They want to file bankruptcy will this effect our credit or just her's or will the condo even be considered.


Asked on 10/01/09, 5:08 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

If she's current on the condo payments, then she'd be able to retain the condo. In that case, it shouldn't even show up on your credit report. If she's behind and the creditor seeks relief from the bankruptcy automatic stay to foreclose, you can guarantee that a foreclosure will reflect negatively on your credit report.

Their bankruptcy alone should not be reflected on your credit report.

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Answered on 10/01/09, 9:57 pm


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